Buy Vehicles from Wholesale Auctions
Wholesale auctions are a way to buy vehicles inexpensively. What most people do not understand is that, these automobile agencies at the wholesale auction serve as intermediaries between you, the shopper, and the car company. They then hike up the price to gain profit. The prices for these automobiles at wholesale auction are based totally on blue book, serving as a guide to how much the price for used vehicles will be. One of these two books is the Kelly Blue Book (KBB). This is most widely used by dealers at auto events in giving out wholesale auction values to the vehicles. Here is how you can buy vehicles from wholesale auctions.
Steps
- Get bidding. These public auctions permit anyone to go ahead and participate in the bidding. If you'd like to go in as a dealer and have interest in purchasing and selling used cars, you can get a dealer's license to attend these public events.
- Consider getting a dealer's license. The dealer auctions, however, offer lower costs compared to public ones so if you're looking out for a more affordable rate, it may be well the effort to get a dealer's license for that wholesale auction.
- Consult outside information. You can gather third party information to determine what the fair valuation will be for a particular vehicle in a wholesale auction. An example would be consulting the Kelly Blue Book (discussed above).
- Check the vehicle thoroughly. Since you won't be allowed to test drive the automobiles in the wholesale auction, make sure to be thorough in checking it. Check its condition and the VIN.
- Research the bidding process. Wholesale auctions may differ from one to another, particularly in their method of bidding. Purchasing vehicles at wholesale auctions might comprise a lot of patience, but it certainly is worth it particularly if you can find the precise car you've been trying to find.
